| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 64th | Good |
| Amenities | 90th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 409 W Lomita Ave, Glendale, CA, 91204, US |
| Region / Metro | Glendale |
| Year of Construction | 1989 |
| Units | 30 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
409 W Lomita Ave Glendale Multifamily Investment
This 30-unit property sits in an urban core neighborhood ranked in the top decile nationally for net operating income per unit, with neighborhood-level occupancy holding above 94% and renter-occupied units representing 80% of local housing stock—fundamentals that support stable tenant demand, according to CRE market data from WDSuite.
409 W Lomita Ave is located in a densely amenitized Glendale neighborhood that ranks in the 90th percentile nationally for amenity access and the 81st percentile for housing fundamentals. Within the immediate area, residents benefit from 3.56 cafés per square mile (98th percentile nationally), 3.56 grocery stores per square mile (92nd percentile), and 16.92 restaurants per square mile (95th percentile). Schools in the neighborhood average a 4.0 rating out of 5.0, placing the area in the 84th percentile nationally—a factor that supports family retention and longer lease terms. The neighborhood's urban core character and walkable amenity base contribute to sustained renter demand.
Constructed in 1989, the property is notably newer than the neighborhood average construction year of 1950, positioning it competitively within a submarket where much of the housing stock predates modern building standards. This vintage advantage translates to reduced near-term capital expenditure risk and stronger competitive positioning relative to older inventory. The property's average unit size of approximately 1,057 square feet aligns with mid-sized multifamily product that appeals to a broad tenant base.
Renter-occupied units represent 80.3% of neighborhood housing tenure (99th percentile nationally), reflecting a deep and structurally stable tenant pool. Neighborhood-level occupancy stands at 94.2%, above the metro median and indicative of consistent absorption. Median contract rent in the neighborhood is $1,876, ranking in the 89th percentile nationally, with five-year rent growth of 38.7%—a trajectory that underscores pricing power even as affordability pressures mount. The rent-to-income ratio of 0.39 sits in the 2nd percentile nationally, signaling elevated affordability pressure that warrants attention in lease management and renewal strategies.
Within a three-mile radius, demographic statistics show a population of approximately 202,000 with modest recent contraction (–1.4% over five years), though household counts have grown 1.9% as average household size declines. Median household income stands at $89,789 (up 42.8% over five years), and forward projections anticipate further income growth to $119,614 by 2028 (33.2% increase), alongside median rent rising to $2,596 (38.0% increase). The three-mile area remains 70.2% renter-occupied, and the forecast calls for renter-occupied units to expand to 48.4 thousand units by 2028, supporting continued multifamily demand. Median home values in the neighborhood are $1,140,559 (98th percentile nationally), with five-year appreciation of 64.9%. Elevated ownership costs limit accessibility to ownership and sustain rental demand, reinforcing reliance on multifamily housing and supporting tenant retention in higher-rent segments.
The neighborhood ranks 175th among 1,441 Los Angeles metro neighborhoods for overall crime (82nd percentile nationally), indicating lower crime levels relative to most metro submarkets. Property offense rates are estimated at 87.5 incidents per 100,000 residents (68th percentile nationally), with a one-year decline of 68.3% (95th percentile nationally). Violent offense rates are estimated at 11.8 per 100,000 residents (67th percentile nationally), with a one-year decline of 88.5% (99th percentile nationally). These downward trajectories suggest improving conditions that may support tenant retention and leasing velocity, though investors should monitor block-level dynamics and continue standard due diligence on property-specific security measures.
The property benefits from proximity to several major corporate anchors that support local workforce housing demand and commute convenience for renters.
- Avery Dennison — materials science and manufacturing (1.2 miles) — HQ
- Disney — entertainment and media (3.8 miles) — HQ
- Radio Disney — broadcasting (4.7 miles)
- Live Nation Entertainment — entertainment services (5.4 miles)
- Microsoft — technology offices (6.1 miles)
409 W Lomita Ave presents an opportunity to acquire a 30-unit multifamily asset in a neighborhood that ranks in the top decile nationally for net operating income per unit, reflecting strong underlying economics driven by high occupancy, substantial rent growth, and deep structural demand for rental housing. The property's 1989 construction vintage positions it competitively against older neighborhood stock (average year built: 1950), reducing near-term capital expenditure exposure while maintaining modern appeal to tenants seeking quality housing in a high-amenity urban environment.
The submarket exhibits favorable supply-demand dynamics: renter-occupied units comprise 80.3% of neighborhood tenure (99th percentile nationally), neighborhood occupancy stands at 94.2%, and median rents have grown 38.7% over five years. Forward demographic projections anticipate continued income growth (median household income forecast to reach $119,614 by 2028, a 33.2% increase from current levels) and expanding renter-occupied unit counts (projected to reach 48.4 thousand units by 2028), supporting sustained absorption and pricing power. Median home values of $1,140,559 create a substantial ownership cost barrier that reinforces rental demand and limits competitive pressure from homeownership alternatives.
Location advantages include proximity to major employment anchors—Avery Dennison (HQ, 1.2 miles), Disney (HQ, 3.8 miles), and Microsoft offices (6.1 miles)—that underpin workforce housing demand. The neighborhood's amenity density (98th percentile nationally for cafés, 92nd percentile for grocery, 95th percentile for restaurants) and strong school ratings (4.0 average, 84th percentile nationally) support tenant retention and appeal to quality-conscious renters. Crime metrics show favorable trends, with property offenses down 68.3% and violent offenses down 88.5% year-over-year, contributing to neighborhood stability.
Investors should note the elevated rent-to-income ratio (0.39, 2nd percentile nationally), which signals affordability pressure and warrants disciplined lease management and renewal strategies. Subject to comprehensive due diligence, including property-level inspection, rent roll analysis, and capital needs assessment, this asset offers exposure to a high-performing Glendale submarket with strong demographic tailwinds and structural rental demand.